The use of various cryptocurrencies (e.g., Bitcoin, Ripple, Coinye, Litecoin, Peercoin, Namecoin, Dogecoin, Primecoin, Mastercoin, or any other suitable virtual currency) have been rapidly gaining in popularity in recent years. Cryptocurrencies are decentralized currencies (e.g., a currency that is not regulated by a central authority) that rely on principles of cryptography. A cryptocurrency is often implemented via a peer-to-peer system that includes a distributed environment for verifying transactions via a process known as “mining,” in which a number of nodes compete to create a proof of work having a high hash-rate difficulty in exchange for a chance at receiving a small fee. The veracity of a cryptocurrency transaction is ensured using a public ledger called a blockchain, in which a record of all past transactions are stored and against which transactions may be verified.
Cryptocurrency transactions are usually conducted using mobile applications such as wallet applications. Users of such cryptocurrencies are usually very concerned with maintaining the privacy of their transactions. Although the use of wallet applications may increase the convenience of such transactions, their use may also enable other users to ascertain balances associated with that user's cryptocurrency addresses.
Embodiments of the invention address these and other problems, individually and collectively.